Earls Court Circus [Image source: Capco]
Capital & Counties Properties, known as Capco, a real estate investment and development company with its assets in central London, today published a trading update for the period to 1 January 2015 to 1 May 2015.
Ian Hawksworth, Chief Executive of Capco, commented: “Capco has had a positive and active start to 2015. At Covent Garden, we have signed new brands, Stefanel and Mariage Frères to King Street and expanded our estate further on Bedford Street, a key access point onto the estate. The Earls Court Masterplan is moving forward.
Demolition of EC1 & EC2 is progressing well and completion of ECPL, the investment vehicle with TfL has occurred with the granting of new 999 year leases over the site. Construction of Lillie Square to create an exciting new address in central London continues, with first completions on track for 2016.
We are in a strong financial position with a conservative LTV of 13 per cent and over £600 million in cash and available facilities.”
Supporting rental growth through granular asset management, strategic investment and placemaking
On track to achieve ERV target of £100 million by 2017, representing an underlying annualised growth rate of circa 10 per cent
Leasing momentum on King Street expanding the contemporary luxury and dining offering – French tea-house, Mariage Frères, will open its first UK stand-alone store – Italian brand, Stefanel, has opened its latest store, offering their take on luxury knitwear
Repositioning of Henrietta Street with a menswear focus and re-invigorated dining offering continues. Denim store, Edwin, will be opening shortly and Flat Iron has taken up space for its latest London restaurant
Continued investment in estate with development of Kings Court & Carriage Hall on track; and £32 million acquisition of 31-33 Bedford Street, a key access point onto the estate
Strong demand for luxury developments The Beecham and The Southampton – A further two apartments under offer at the Beecham and all seven apartments leased at The Southampton
Earls Court Properties:
Driving value creation through planning, land assembly, land enablement and selective development
Demolition of EC1 & EC2 on track and progressing well
Completion of Earls Court Partnership Limited (“ECPL”), the investment vehicle with TfL in respect of EC1 & EC2 (Capco share 63 per cent)
Detailed planning consent for West Brompton Square granted by the Royal Borough of Kensington and Chelsea
£7 million of acquisitions around the Masterplan area
Construction of Phase 1 at Lillie Square continues with completions on track for 2016
A busy calendar at Olympia London, including the Ideal Home Show and International Book Fair for the first time following the successful transition of activities last year Strong financial position
Loan-to-value of 13 per cent (based on 31 December 2014 property values) and liquidity of £603 million As at 31 March 2015, Capco had capital commitments of £242 million. All figures quoted above are adjusted to include Capco’s share of joint ventures and its 63 per cent interest in Earls Court Partnership Limited.
Trading update – Source: Capco